ASTER, the native coin of the Binance-backed decentralized exchange Aster, has emerged as today’s top gainer, rallying 20% in the past 24 hours. This surge is remarkable, especially given the heightened sell-side pressure across the broader crypto market.
With climbing demand from “smart investors” and an overall uptick in buying across the market, ASTER seems well-positioned to reclaim its all-time high and may even register new price peaks.
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Two Bullish Signals Put ASTER in Position for Further Gains
Recent readings from the ASTER/USD 4-hour chart indicate a steady increase in the token’s Smart Money Index (SMI) since its launch on September 17. Such movement suggests that the price increase is backed by key holders, also known as “smart money.” This indicator is particularly important because it reflects the behavior and intentions of institutional investors and seasoned traders who often have greater insights into market trends.
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The current momentum indicator sits at 2.62 and is maintaining its uptrend. Smart money signifies capital managed by knowledgeable investors, while the SMI tracks their activity by analyzing intraday price movements. Specifically, it contrasts morning selling, when retail traders typically dominate, with afternoon buying, when institutional activity peaks.
A rising SMI, like that seen with ASTER, indicates institutional accumulation, suggesting that further price rallies are likely on the horizon.
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In addition to the SMI, ASTER’s Elder-Ray Index also confirms a bullish sentiment among market participants. This indicator currently reads 0.53, resting comfortably above the zero line, which implies that buying activity outweighs selling pressure at this moment.
The Elder-Ray Index measures market dynamics by comparing buying pressure (Bull Power) against selling pressure (Bear Power). A positive value suggests an uptrend, confirmed by ongoing accumulation of ASTER, which reinforces expectations of further price growth.
Market Awaits Breakout or Correction
Currently, ASTER trades at $2.2011, hovering just below a recent price peak, with resistance set at $2.2194. If demand surges, breaking through this resistance could pave the way for new all-time highs.
However, there remains a cautionary note. Should profit-taking occur, it could undermine the bullish outlook and prompt ASTER to retrace some of its recent gains, potentially falling toward $1.8601. Thus, the market eagerly awaits its next move, be it a breakout or a correction.